Paramount Announces Third Quarter 2024 Results
Paramount Group (NYSE: PGRE) reported Q3 2024 results with a net loss of $9.7 million ($0.04 per share), compared to $8.4 million loss in Q3 2023. Core FFO was $40.5 million ($0.19 per share), down from $47.6 million ($0.22 per share) in Q3 2023. The company raised its full-year 2024 guidance, with Core FFO now expected between $0.78-$0.80 per share.
Same Store NOI increased 1.8% while Same Store Cash NOI decreased 2.9% year-over-year. The company leased 179,403 square feet at a weighted average initial rent of $84.55 per square foot, with negative mark-to-markets of 4.2% on GAAP basis and 10.4% on cash basis.
Paramount Group (NYSE: PGRE) ha riportato i risultati del terzo trimestre 2024 con una perdita netta di 9,7 milioni di dollari (0,04 dollari per azione), rispetto a una perdita di 8,4 milioni di dollari nel terzo trimestre 2023. L'FFO Core è stato di 40,5 milioni di dollari (0,19 dollari per azione), in calo rispetto ai 47,6 milioni di dollari (0,22 dollari per azione) del terzo trimestre 2023. L'azienda ha alzato le previsioni per l'intero anno 2024, con l'FFO Core ora atteso tra 0,78 e 0,80 dollari per azione.
Il NOI Same Store è aumentato dell'1,8%, mentre il Cash NOI Same Store è diminuito del 2,9% rispetto all'anno precedente. L'azienda ha affittato 179.403 piedi quadrati a un affitto iniziale medio ponderato di 84,55 dollari per piede quadrato, con un mark-to-market negativo del 4,2% su base GAAP e del 10,4% su base cash.
Paramount Group (NYSE: PGRE) reportó los resultados del tercer trimestre de 2024 con una pérdida neta de 9,7 millones de dólares (0,04 dólares por acción), en comparación con una pérdida de 8,4 millones de dólares en el tercer trimestre de 2023. El FFO Núcleo fue de 40,5 millones de dólares (0,19 dólares por acción), disminuyendo desde los 47,6 millones de dólares (0,22 dólares por acción) en el tercer trimestre de 2023. La empresa aumentó su guía para el año completo 2024, con el FFO Núcleo ahora esperado entre 0,78 y 0,80 dólares por acción.
El NOI de Tiendas Comparables aumentó un 1,8%, mientras que el Cash NOI de Tiendas Comparables disminuyó un 2,9% interanual. La empresa arrendó 179,403 pies cuadrados a una renta inicial promedio ponderada de 84,55 dólares por pie cuadrado, con una marca a mercado negativa del 4,2% en base GAAP y del 10,4% en base de efectivo.
파라마운트 그룹 (NYSE: PGRE)는 2024년 3분기 결과를 발표하며 970만 달러의 순손실(주당 0.04 달러)을 기록했으며, 이는 2023년 3분기의 840만 달러의 손실과 비교됩니다. 핵심 FFO는 4050만 달러(주당 0.19 달러)로, 2023년 3분기의 4760만 달러(주당 0.22 달러)에서 감소했습니다. 회사는 2024년 전체 연도 가이던스를 상향 조정했습니다, 핵심 FFO는 이제 주당 0.78-0.80 달러 사이로 예상됩니다.
동일 매장 NOI는 1.8% 증가했으며, 동일 매장 현금 NOI는 전년 대비 2.9% 감소했습니다. 회사는 평균 초기 임대료 1제곱피트당 84.55달러에 179,403 제곱피트를 임대했으며, GAAP 기준으로 마이크가 4.2% 하락하고 현금 기준으로 10.4% 하락했습니다.
Paramount Group (NYSE: PGRE) a annoncé ses résultats du troisième trimestre 2024 avec une perte nette de 9,7 millions de dollars (0,04 dollar par action), contre une perte de 8,4 millions de dollars au troisième trimestre 2023. Le FFO de base était de 40,5 millions de dollars (0,19 dollar par action), en baisse par rapport aux 47,6 millions de dollars (0,22 dollar par action) du troisième trimestre 2023. L'entreprise a relevé ses prévisions pour l'année 2024, avec un FFO de base désormais attendu entre 0,78 et 0,80 dollar par action.
Le NOI des magasins comparables a augmenté de 1,8 %, tandis que le Cash NOI des magasins comparables a diminué de 2,9 % par rapport à l'année précédente. L'entreprise a loué 179 403 pieds carrés à un loyer initial moyen pondéré de 84,55 dollars par pied carré, avec des évaluations de marché négatives de 4,2 % sur une base GAAP et de 10,4 % sur une base de cash.
Paramount Group (NYSE: PGRE) hat die Ergebnisse des dritten Quartals 2024 veröffentlicht und einen Nettoverlust von 9,7 Millionen Dollar (0,04 Dollar pro Aktie) gemeldet, verglichen mit einem Verlust von 8,4 Millionen Dollar im dritten Quartal 2023. Der Kern-FFO betrug 40,5 Millionen Dollar (0,19 Dollar pro Aktie) und fiel von 47,6 Millionen Dollar (0,22 Dollar pro Aktie) im dritten Quartal 2023. Das Unternehmen hat seine Prognose für das Gesamtjahr 2024 angehoben, wobei der Kern-FFO nun zwischen 0,78 und 0,80 Dollar pro Aktie erwartet wird.
Der NOI der gleichen Läden stieg um 1,8%, während der Cash NOI der gleichen Läden um 2,9% im Vergleich zum Vorjahr fiel. Das Unternehmen mietete 179.403 Quadratfuß zu einem gewogenen durchschnittlichen Anfangsmietzins von 84,55 Dollar pro Quadratfuß, mit negativen Marktbewertungen von 4,2% auf GAAP-Basis und 10,4% auf Cash-Basis.
- Raised full-year 2024 Core FFO guidance to $0.78-$0.80 per share
- Same Store NOI increased by 1.8% year-over-year
- Leased 179,403 square feet at $84.55 per square foot average initial rent
- Net loss of $9.7 million in Q3 2024, increased from $8.4 million loss in Q3 2023
- Core FFO decreased to $0.19 per share from $0.22 per share year-over-year
- Same Store Cash NOI decreased by 2.9%
- Negative mark-to-markets of 4.2% on GAAP basis and 10.4% on cash basis
- Same store leased occupancy decreased by 160 basis points to 84.7%
Insights
The Q3 2024 results reveal mixed performance with some concerning trends. Core FFO declined to
Leasing metrics show challenges with negative mark-to-markets:
The leasing environment remains challenging, with 179,403 square feet leased at
The significant occupancy drop, largely due to Clifford Chance's departure, highlights the ongoing risks of major tenant exits in the office sector. The 8.1-year average lease term for new deals provides some stability but at the cost of lower rents.
– Raises Guidance for Full Year 2024 –
Third Quarter Highlights:
Results of Operations:
-
Reported net loss attributable to common stockholders of
$9.7 million $0.04 $8.4 million $0.04 -
Reported Core Funds from Operations (“Core FFO”) attributable to common stockholders of
$40.5 million $0.19 $47.6 million $0.22 -
Raised its full year 2024 Earnings Guidance as follows:
-
Estimated net loss attributable to common stockholders is expected to be between
$0.09 $0.07 $0.11 $0.07 $0.01 -
Estimated Core FFO attributable to common stockholders is expected to be between
$0.78 $0.80 $0.76 $0.80 $0.01
-
Estimated net loss attributable to common stockholders is expected to be between
-
Reported a
1.8% increase in Same Store Net Operating Income (“NOI”) and a2.9% decrease in Same Store Cash NOI in the quarter ended September 30, 2024, compared to the same period in the prior year. -
Leased 179,403 square feet, of which the Company’s share was 115,026 square feet that was leased at a weighted average initial rent of
$84.55 4.2% on a GAAP basis and negative10.4% on a cash basis.
____________________________________________ |
(1) Second generation space represents space leased in the current period (i) prior to its originally scheduled expiration, or (ii) that has been vacant for less than twelve months. |
Financial Results
Quarter Ended September 30, 2024
Net loss attributable to common stockholders was
Funds from Operations (“FFO”) attributable to common stockholders was
Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 10, was
Nine Months Ended September 30, 2024
Net loss attributable to common stockholders was
FFO attributable to common stockholders was
Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 10, was
Portfolio Operations
Quarter Ended September 30, 2024
Same Store NOI increased by
During the quarter ended September 30, 2024, the Company leased 179,403 square feet, of which 133,091 square feet was leased in the Company’s same store portfolio. Of the 133,091 square feet leased, the Company’s share was 115,026 square feet that was leased at a weighted average initial rent of
Of the 179,403 square feet leased in the third quarter, 96,320 square feet represented the Company’s share of second generation space for which mark-to-markets were negative
Nine Months Ended September 30, 2024
Same Store NOI decreased by
During the nine months ended September 30, 2024, the Company leased 654,625 square feet, of which 566,279 square feet was leased in the Company’s same store portfolio. Of the 566,279 square feet leased, the Company’s share was 444,140 square feet that was leased at a weighted average initial rent of
Of the 654,625 square feet leased in the nine months, 290,157 square feet represented the Company’s share of second generation space for which mark-to-markets were negative
Guidance
The Company is raising its Estimated Core FFO Guidance for the full year of 2024, which is reconciled below to estimated net loss attributable to common stockholders per diluted share in accordance with GAAP. The Company estimates that net loss attributable to common stockholders will be between
Based on the Company’s performance for the nine months ended September 30, 2024 and its outlook for the remainder of 2024, the Company is raising its Estimated 2024 Core FFO to be between
|
Full Year 2024 |
|
|||||
(Amounts per diluted share) |
Low |
|
|
High |
|
||
Estimated net loss attributable to common stockholders |
$ |
(0.09 |
) |
|
$ |
(0.07 |
) |
Pro rata share of real estate depreciation and amortization, including
|
|
0.92 |
|
|
|
0.92 |
|
Estimated FFO |
|
0.83 |
|
|
|
0.85 |
|
Adjustments for non-core items (1) |
|
(0.05 |
) |
|
|
(0.05 |
) |
Estimated Core FFO |
$ |
0.78 |
|
|
$ |
0.80 |
|
Except as described above, these estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in this release and otherwise to be referenced during the conference call referred to on page 7. These estimates do not include the impact on operating results from possible future property acquisitions or dispositions, or realized and unrealized gains and losses on real estate related fund investments. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.
_________________________ |
(1) Represents non-core items for the nine months ended September 30, 2024, that are listed in the table on page 10. The Company is not making projections for non-core items that may impact its financial results for the remainder of 2024, which may include unrealized gains or losses on real estate fund investments, acquisition and transaction related costs and other items that are not included in Core FFO. |
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms; dependence on tenants’ financial condition; the risk we may lose a major tenant or that a major tenant may be adversely impacted by market and economic conditions, including elevated inflation and interest rates; trends in the office real estate industry including telecommuting, flexible work schedules, open workplaces and teleconferencing; the uncertainties of real estate development, acquisition and disposition activity; the ability to effectively integrate acquisitions; fluctuations in interest rates and the costs and availability of financing; the ability of our joint venture partners to satisfy their obligations; the effects of local, national and international economic and market conditions and the impact of elevated inflation and interest rates on such market conditions; the effects of acquisitions, dispositions and possible impairment charges on our operating results; the negative impact of any future pandemic, endemic or outbreak of infectious disease on the
Non-GAAP Financial Measures
FFO is a supplemental measure of our performance. We present FFO in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“Nareit”). Nareit defines FFO as net income or loss, calculated in accordance with accounting principles generally accepted in
FFO and Core FFO are presented as supplemental financial measures and do not fully represent our operating performance. Other REITs may use different methodologies for calculating FFO and Core FFO or use other definitions of FFO and Core FFO and, accordingly, our presentation of these measures may not be comparable to other real estate companies. Neither FFO nor Core FFO is intended to be a measure of cash flow or liquidity. Please refer to our financial statements, prepared in accordance with GAAP, for purposes of evaluating our financial condition, results of operations and cash flows.
NOI is used to measure the operating performance of our properties. NOI consists of rental revenue (which includes property rentals, tenant reimbursements and lease termination income) and certain other property-related revenue less operating expenses (which include property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We also present Cash NOI which deducts from NOI, straight-line rent adjustments and the amortization of above and below-market leases, including our share of such adjustments of unconsolidated joint ventures. In addition, we present PGRE’s share of NOI and Cash NOI which represents our share of NOI and Cash NOI of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We use NOI and Cash NOI internally as performance measures and believe they provide useful information to investors regarding our financial condition and results of operations because they reflect only those income and expense items that are incurred at the property level.
Same Store NOI is used to measure the operating performance of properties in our
In the first quarter of 2024, we updated our presentation of NOI, Cash NOI and Core FFO attributable to common stockholders to exclude the impact of Market Center and 111 Sutter Street, which we have designated as “non-core” assets. Accordingly, we have recast the presentation for all prior periods presented to reflect this change.
A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in this press release and in our Supplemental Information for the quarter ended September 30, 2024, which is available on our website.
Investor Conference Call and Webcast
The Company will host a conference call and audio webcast on Thursday, October 31, 2024 at 10:00 a.m. Eastern Time (ET), during which management will discuss the third quarter results and provide commentary on business performance. A question and answer session with analysts and investors will follow the prepared remarks.
The conference call can be accessed by dialing 877-407-0789 (domestic) or 201-689-8562 (international). An audio replay of the conference call will be available from 1:00 p.m. ET on October 31, 2024 through November 7, 2024 and can be accessed by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13749077.
A live audio webcast of the conference call will be available through the “Investors” section of the Company’s website, www.pgre.com. A replay of the webcast will be archived on the Company’s website.
About Paramount Group, Inc.
Headquartered in
Paramount Group, Inc. |
||||||||
Consolidated Balance Sheets |
||||||||
(Unaudited and in thousands) |
||||||||
Assets: |
|
September 30, 2024 |
|
|
December 31, 2023 |
|
||
Real estate, at cost: |
|
|
|
|
|
|
||
Land |
|
$ |
1,966,237 |
|
|
$ |
1,966,237 |
|
Buildings and improvements |
|
|
6,290,976 |
|
|
|
6,250,379 |
|
|
|
|
8,257,213 |
|
|
|
8,216,616 |
|
Accumulated depreciation and amortization |
|
|
(1,596,069 |
) |
|
|
(1,471,819 |
) |
Real estate, net |
|
|
6,661,144 |
|
|
|
6,744,797 |
|
Cash and cash equivalents |
|
|
318,725 |
|
|
|
428,208 |
|
Restricted cash |
|
|
173,510 |
|
|
|
81,391 |
|
Accounts and other receivables |
|
|
18,662 |
|
|
|
18,053 |
|
Real estate related fund investments |
|
|
- |
|
|
|
775 |
|
Investments in unconsolidated real estate related funds |
|
|
4,607 |
|
|
|
4,549 |
|
Investments in unconsolidated joint ventures |
|
|
128,919 |
|
|
|
132,239 |
|
Deferred rent receivable |
|
|
355,555 |
|
|
|
351,209 |
|
Deferred charges, net |
|
|
103,858 |
|
|
|
108,751 |
|
Intangible assets, net |
|
|
54,125 |
|
|
|
68,005 |
|
Other assets |
|
|
71,847 |
|
|
|
68,238 |
|
Total assets |
|
$ |
7,890,952 |
|
|
$ |
8,006,215 |
|
|
|
|
|
|
|
|
||
Liabilities: |
|
|
|
|
|
|
||
Notes and mortgages payable, net |
|
$ |
3,674,367 |
|
|
$ |
3,803,484 |
|
Revolving credit facility |
|
|
- |
|
|
|
- |
|
Accounts payable and accrued expenses |
|
|
114,808 |
|
|
|
114,463 |
|
Dividends and distributions payable |
|
|
- |
|
|
|
8,360 |
|
Intangible liabilities, net |
|
|
22,465 |
|
|
|
28,003 |
|
Other liabilities |
|
|
27,906 |
|
|
|
37,017 |
|
Total liabilities |
|
|
3,839,546 |
|
|
|
3,991,327 |
|
Equity: |
|
|
|
|
|
|
||
Paramount Group, Inc. equity |
|
|
3,173,867 |
|
|
|
3,203,285 |
|
Noncontrolling interests in: |
|
|
|
|
|
|
||
Consolidated joint ventures |
|
|
492,135 |
|
|
|
413,925 |
|
Consolidated real estate related funds |
|
|
92,759 |
|
|
|
110,589 |
|
Operating Partnership |
|
|
292,645 |
|
|
|
287,089 |
|
Total equity |
|
|
4,051,406 |
|
|
|
4,014,888 |
|
Total liabilities and equity |
|
$ |
7,890,952 |
|
|
$ |
8,006,215 |
|
Paramount Group, Inc. |
|||||||||||||||
Consolidated Statements of Income |
|||||||||||||||
(Unaudited and in thousands, except share and per share amounts) |
|||||||||||||||
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
||||||||||
|
September 30, |
|
|
September 30, |
|
||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||
Rental revenue |
$ |
184,235 |
|
|
$ |
182,515 |
|
|
$ |
543,636 |
|
|
$ |
529,734 |
|
Fee and other income |
|
10,664 |
|
|
|
6,666 |
|
|
|
27,548 |
|
|
|
20,583 |
|
Total revenues |
|
194,899 |
|
|
|
189,181 |
|
|
|
571,184 |
|
|
|
550,317 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
Operating |
|
80,316 |
|
|
|
75,502 |
|
|
|
226,248 |
|
|
|
216,889 |
|
Depreciation and amortization |
|
60,071 |
|
|
|
60,263 |
|
|
|
182,920 |
|
|
|
181,778 |
|
General and administrative |
|
16,672 |
|
|
|
15,460 |
|
|
|
49,938 |
|
|
|
46,307 |
|
Transaction related costs |
|
242 |
|
|
|
132 |
|
|
|
843 |
|
|
|
323 |
|
Total expenses |
|
157,301 |
|
|
|
151,357 |
|
|
|
459,949 |
|
|
|
445,297 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
||||
(Loss) income from real estate related fund investments |
|
(22 |
) |
|
|
2,060 |
|
|
|
(92 |
) |
|
|
(37,034 |
) |
Income (loss) from unconsolidated real estate related funds |
|
109 |
|
|
|
(721 |
) |
|
|
199 |
|
|
|
(867 |
) |
Loss from unconsolidated joint ventures |
|
(981 |
) |
|
|
(28,974 |
) |
|
|
(3,098 |
) |
|
|
(63,138 |
) |
Interest and other income, net |
|
3,517 |
|
|
|
4,115 |
|
|
|
26,830 |
|
|
|
10,007 |
|
Interest and debt expense |
|
(43,805 |
) |
|
|
(39,102 |
) |
|
|
(124,078 |
) |
|
|
(112,440 |
) |
(Loss) income before income taxes |
|
(3,584 |
) |
|
|
(24,798 |
) |
|
|
10,996 |
|
|
|
(98,452 |
) |
Income tax expense |
|
(619 |
) |
|
|
(263 |
) |
|
|
(1,328 |
) |
|
|
(1,124 |
) |
Net (loss) income |
|
(4,203 |
) |
|
|
(25,061 |
) |
|
|
9,668 |
|
|
|
(99,576 |
) |
Less net (income) loss attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated joint ventures |
|
(6,959 |
) |
|
|
(4,887 |
) |
|
|
(18,434 |
) |
|
|
(15,879 |
) |
Consolidated real estate related funds |
|
581 |
|
|
|
20,934 |
|
|
|
408 |
|
|
|
57,412 |
|
Operating Partnership |
|
893 |
|
|
|
629 |
|
|
|
716 |
|
|
|
3,849 |
|
Net loss attributable to common stockholders |
$ |
(9,688 |
) |
|
$ |
(8,385 |
) |
|
$ |
(7,642 |
) |
|
$ |
(54,194 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
$ |
(0.04 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.25 |
) |
Diluted |
$ |
(0.04 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.25 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
217,314,706 |
|
|
|
217,043,022 |
|
|
|
217,208,809 |
|
|
|
216,871,778 |
|
Diluted |
|
217,314,706 |
|
|
|
217,043,022 |
|
|
|
217,208,809 |
|
|
|
216,871,778 |
|
Paramount Group, Inc. |
|||||||||||||||
Reconciliation of Net (Loss) Income to FFO and Core FFO |
|||||||||||||||
(Unaudited and in thousands, except share and per share amounts) |
|||||||||||||||
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
||||||||||
|
September 30, |
|
|
September 30, |
|
||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Reconciliation of net (loss) income to FFO and Core FFO: |
|
|
|
|
|
|
|
|
|
|
|
||||
Net (loss) income |
$ |
(4,203 |
) |
|
$ |
(25,061 |
) |
|
$ |
9,668 |
|
|
$ |
(99,576 |
) |
Real estate depreciation and amortization (including our share of unconsolidated joint ventures) |
|
63,487 |
|
|
|
69,160 |
|
|
|
192,946 |
|
|
|
209,687 |
|
Our share of a non-cash real estate impairment loss related to an unconsolidated joint venture |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
24,734 |
|
Amounts attributable to noncontrolling interests in consolidated joint ventures and real estate related funds |
|
(15,511 |
) |
|
|
6,132 |
|
|
|
(46,981 |
) |
|
|
12,533 |
|
FFO attributable to the Operating Partnership |
|
43,773 |
|
|
|
50,231 |
|
|
|
155,633 |
|
|
|
147,378 |
|
Amounts attributable to noncontrolling interests in the Operating Partnership |
|
(3,695 |
) |
|
|
(3,510 |
) |
|
|
(13,079 |
) |
|
|
(9,861 |
) |
FFO attributable to common stockholders |
$ |
40,078 |
|
|
$ |
46,721 |
|
|
$ |
142,554 |
|
|
$ |
137,517 |
|
Per diluted share |
$ |
0.18 |
|
|
$ |
0.21 |
|
|
$ |
0.66 |
|
|
$ |
0.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
FFO attributable to the Operating Partnership |
$ |
43,773 |
|
|
$ |
50,231 |
|
|
$ |
155,633 |
|
|
$ |
147,378 |
|
Adjustments for non-core items: |
|
|
|
|
|
|
|
|
|
|
|
||||
Non-cash gain on extinguishment of IPO related tax liability |
|
- |
|
|
|
- |
|
|
|
(15,437 |
) |
|
|
- |
|
Non-core assets (1) |
|
- |
|
|
|
(259 |
) |
|
|
- |
|
|
|
(3,535 |
) |
Our share of realized and unrealized gains and losses from consolidated and unconsolidated real estate related funds |
|
(26 |
) |
|
|
735 |
|
|
|
101 |
|
|
|
7,047 |
|
Other, net (primarily adjustments related to unconsolidated joint ventures) |
|
512 |
|
|
|
448 |
|
|
|
3,701 |
|
|
|
(1,535 |
) |
Core FFO attributable to the Operating Partnership |
|
44,259 |
|
|
|
51,155 |
|
|
|
143,998 |
|
|
|
149,355 |
|
Amounts attributable to noncontrolling interests in the Operating Partnership |
|
(3,736 |
) |
|
|
(3,574 |
) |
|
|
(12,109 |
) |
|
|
(9,996 |
) |
Core FFO attributable to common stockholders |
$ |
40,523 |
|
|
$ |
47,581 |
|
|
$ |
131,889 |
|
|
$ |
139,359 |
|
Per diluted share |
$ |
0.19 |
|
|
$ |
0.22 |
|
|
$ |
0.61 |
|
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation of weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding |
|
217,314,706 |
|
|
|
217,043,022 |
|
|
|
217,208,809 |
|
|
|
216,871,778 |
|
Effect of dilutive securities |
|
14,505 |
|
|
|
32,676 |
|
|
|
36,985 |
|
|
|
21,638 |
|
Denominator for FFO and Core FFO per diluted share |
|
217,329,211 |
|
|
|
217,075,698 |
|
|
|
217,245,794 |
|
|
|
216,893,416 |
|
| (1) Represents Market Center and 111 Sutter Street. | |||||||||||||||
Paramount Group, Inc. |
|||||||||||||||
Reconciliation of Net (Loss) Income to Same Store NOI and Same Store Cash NOI |
|||||||||||||||
(Unaudited and in thousands) |
|||||||||||||||
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
||||||||||
|
September 30, |
|
|
September 30, |
|
||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Reconciliation of net (loss) income to Same Store NOI and Same Store Cash NOI: |
|
|
|
|
|
|
|
|
|
|
|
||||
Net (loss) income |
$ |
(4,203 |
) |
|
$ |
(25,061 |
) |
|
$ |
9,668 |
|
|
$ |
(99,576 |
) |
Adjustments to arrive at NOI: |
|
|
|
|
|
|
|
|
|
|
|
||||
Fee income |
|
(6,776 |
) |
|
|
(4,573 |
) |
|
|
(17,328 |
) |
|
|
(14,106 |
) |
Depreciation and amortization |
|
60,071 |
|
|
|
60,263 |
|
|
|
182,920 |
|
|
|
181,778 |
|
General and administrative |
|
16,672 |
|
|
|
15,460 |
|
|
|
49,938 |
|
|
|
46,307 |
|
Loss (income) from real estate related fund investments |
|
22 |
|
|
|
(2,060 |
) |
|
|
92 |
|
|
|
37,034 |
|
Loss from unconsolidated joint ventures |
|
981 |
|
|
|
28,974 |
|
|
|
3,098 |
|
|
|
63,138 |
|
NOI from unconsolidated joint ventures (excluding One Steuart Lane) |
|
5,384 |
|
|
|
9,233 |
|
|
|
16,611 |
|
|
|
30,334 |
|
Interest and other income, net |
|
(3,517 |
) |
|
|
(4,115 |
) |
|
|
(26,830 |
) |
|
|
(10,007 |
) |
Interest and debt expense |
|
43,805 |
|
|
|
39,102 |
|
|
|
124,078 |
|
|
|
112,440 |
|
Income tax expense |
|
619 |
|
|
|
263 |
|
|
|
1,328 |
|
|
|
1,124 |
|
Non-core assets (1) |
|
- |
|
|
|
(3,993 |
) |
|
|
- |
|
|
|
(14,286 |
) |
Other, net |
|
133 |
|
|
|
853 |
|
|
|
644 |
|
|
|
1,190 |
|
Amounts attributable to noncontrolling interests in consolidated joint ventures |
|
(23,723 |
) |
|
|
(22,275 |
) |
|
|
(70,532 |
) |
|
|
(67,551 |
) |
PGRE's share of NOI |
|
89,468 |
|
|
|
92,071 |
|
|
|
273,687 |
|
|
|
267,819 |
|
Non-same store adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||
Lease termination income |
|
(1,204 |
) |
|
|
(4,066 |
) |
|
|
(3,177 |
) |
|
|
(6,121 |
) |
Non-cash write-offs of straight-line rent receivables |
|
- |
|
|
|
77 |
|
|
|
- |
|
|
|
13,983 |
|
Other, net |
|
2,435 |
|
|
|
982 |
|
|
|
5,038 |
|
|
|
2,805 |
|
PGRE's share of Same Store NOI |
$ |
90,699 |
|
|
$ |
89,064 |
|
|
$ |
275,548 |
|
|
$ |
278,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
PGRE's share of NOI |
$ |
89,468 |
|
|
$ |
92,071 |
|
|
$ |
273,687 |
|
|
$ |
267,819 |
|
Adjustments to arrive at Cash NOI: |
|
|
|
|
|
|
|
|
|
|
|
||||
Straight-line rent (including our share of unconsolidated joint ventures) |
|
(2,191 |
) |
|
|
(1,514 |
) |
|
|
(6,694 |
) |
|
|
(1,690 |
) |
Amortization of above and below-market leases, net (including our share of unconsolidated joint ventures) |
|
(1,697 |
) |
|
|
(2,110 |
) |
|
|
(5,304 |
) |
|
|
(6,187 |
) |
Non-core assets (1) |
|
- |
|
|
|
606 |
|
|
|
- |
|
|
|
1,166 |
|
Amounts attributable to noncontrolling interests in consolidated joint ventures |
|
(1,470 |
) |
|
|
1,755 |
|
|
|
(2,059 |
) |
|
|
7,479 |
|
PGRE's share of Cash NOI |
|
84,110 |
|
|
|
90,808 |
|
|
|
259,630 |
|
|
|
268,587 |
|
Non-same store adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||
Lease termination income |
|
(1,204 |
) |
|
|
(4,066 |
) |
|
|
(3,177 |
) |
|
|
(6,121 |
) |
Other, net |
|
2,329 |
|
|
|
1,012 |
|
|
|
5,003 |
|
|
|
2,775 |
|
PGRE's share of Same Store Cash NOI |
$ |
85,235 |
|
|
$ |
87,754 |
|
|
$ |
261,456 |
|
|
$ |
265,241 |
|
(1) Represents Market Center and 111 Sutter Street. |
|||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030238613/en/
Wilbur Paes
Chief Operating Officer,
Chief Financial Officer and Treasurer
212-237-3122
ir@pgre.com
Tom Hennessy
Vice President, Investor Relations and
Business Development
212-237-3138
ir@pgre.com
Media:
212-492-2285
pr@pgre.com
Source: Paramount Group, Inc.
FAQ
What was Paramount Group's (PGRE) net loss in Q3 2024?
How much did Paramount Group (PGRE) revise its 2024 Core FFO guidance?
What was PGRE's Same Store NOI performance in Q3 2024?
How many square feet did Paramount Group (PGRE) lease in Q3 2024?
